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The Tulane Entrepreneurs’ Association kicks its 2011 Tulane Business Plan Competition up a notch with a new competition and a $50,000 top prize for the company with the best sustainable business model rooted in the ideals of conscious capitalism.

“Conscious Capitalism incorporates the principles of social entrepreneurship which are based on the belief that one can do good for the world while doing well for oneself,” says Tulane Entrepreneurs’ Association (TEA) President Chris Williams. “With this in mind, we feel that New Orleans is the perfect city to host the competition that highlights this progressive concept.”

The contest, organized by students at Tulane University’s A.B. Freeman School of Business, offers the biggest cash prize of any student-run business plan competition in the country and is the only business plan competition in the nation dedicated to the principles of conscious capitalism.

The contest attracts applicants from top-tier universities across the United States and internationally. Any business venture can apply as long as one of the principals is an enrolled student at an accredited university. The deadline to apply is Jan. 23. Three rounds of judging will take place beginning in late January. The top three teams will present their plans before a panel of judges at this year’s competition scheduled for Friday, April 8, at Tulane University. To enter the competition, visit: www.tea.tulane.edu.

This year, thanks to the support and sponsorship of a successful real estate development firm founded by two Tulane business school alumni, TEA is expanding the contest to add a new prize that focuses specifically on New Orleans. The Domain Companies New Orleans Entrepreneur Challenge, which is sponsored by The Domain Companies, will award $20,000 to the company that presents the best plan for the creation or expansion of a New Orleans-based business that demonstrates strong growth potential and positive local impact.